What is the payment per month on a 510,000 car loan for a 3 year loan term? The interest rate is 7%
Amount borrowed = $510,000
Annual interest rate = 7.00%
Monthly interest rate = 7.00% / 12
Monthly interest rate = 0.58333%
Period = 3 years or 36 months
Let monthly payment be $x
$510,000 = $x/1.0058333 + $x/1.0058333^2 + … + $x/1.0058333^35 +
$x/1.0058333^36
$510,000 = $x * (1 - (1/1.0058333)^36) / 0.0058333
$510,000 = $x * 32.386484
$x = $15,747.31
Monthly payment = $15,747.31
What is the payment per month on a 510,000 car loan for a 3 year loan...
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